23andMe just laid off 100 employees

23AndmePhoto by Smith Collection/Gado/Getty Images

Home DNA-testing company 23andMe is laying off 100 employees, which is around 14 percent of its workforce. The layoffs primarily affect the operations team, according to a CNBC report that was published on Thursday.

The downsizing reflects a shrinking market for DNA kits. Illumina, which makes genetic-sequencing technologies and counts 23andMe among its customers, reported that sales were down across the industry in an earnings call last summer. Genome-sequencing company Veritas Genetics also nixed its US operation last year and laid off around 50 employees after struggling to raise capital.

23andMe CEO Anne Wojcicki told CNBC that customers might be reluctant to pay for pricey genetic tests if they fear economic downturn. Wojcicki…

Continue reading…

Go to Source
Author: Monica Chin